An individual works hard to accumulate assets and build their net worth. Over a lifetime, assets such as real estate, businesses, art work, investment accounts, and cash savings can grow into a sizable sum. An estate plan helps shield these assets from taxes and ne’er-do-wells eager to get their hands on them.
Archive for April, 2016
In recent years, advances in technology has enabled Americans to maintain digital files and copies of documents almost effortlessly. While the temptation to do away with paper copies of important documents in an effort to clear away clutter and become better organized is strong, when it comes to estate planning documents, copies may not be legally sufficient. Although backing up estate planning documents such as wills, trusts and powers of attorney with digital copies is always a good idea, a probate lawyer cannot stress enough how critical it is to keep original documents safely stored and accessible.
Bankruptcy is a legal way to get a clean financial slate, but there are some limitations. When people file for personal bankruptcy in Arlington Heights, they start a federal process that usually leads to a creditor meeting, court hearing or both. They also put a pause on all debt collection. After a debtor has filed for bankruptcy, their creditors must wait for the results of the case. However, some of their debts may never go away, no matter what happens with their bankruptcy filing.
When most people think of estate planning, they think of older people, or individuals who are extremely wealthy. They very rarely think about estate planning for younger, more ordinary individuals unless the person leads a very risky lifestyle or there is a serious illness involved. Unfortunately, the misconception that only the old, rich, or sick need an estate plan can leave Americans with no control over their medical care, their assets, or their children when the time comes.